Adapt IT unaudited condensed consolidated INTERIM GROUP RESULTS. for the six months ended 31 December

Transcription

1 Adapt IT unaudited condensed consolidated INTERIM GROUP RESULTS for the six months ended 31 December 2015

2 OVERVIEW Adapt IT is an innovative information technology (IT) services and solutions provider, delivering a variety of specialised software solutions and services to the Manufacturing, Education, Financial Services and Energy sectors in 38 countries worldwide. INDUSTRY SECTORS (TURNOVER) Manufacturing 36% Education 28% Energy 22% Financial Services 14% ERP Implementation Human Capital Management Services Development and Integration Services Education Management Systems Development and Integration Services Support Services Business Advisory Services Technical Advisory Services SAP IS-OIL Fuel-FACS Business Intelligence and Analytics Project Management Recruitment Services

3 OUR BUSINESS Consulting Software Support Business Consulting Guiding leading enterprises to achieve business transformation IT Consulting Leveraging technologies to improve business effi ciencies Innovation Applying new technology solutions to exceed client requirements Web-based Solutions Effi ciently developed Cloud-ready proprietary software solutions On Premise Leveraging our client s existing technology infrastructure Cloud Solutions Providing Software as a Service for maximised effi ciency Mobile Solutions Ensuring accessibility to solutions from anywhere SLA Management Provides both remote and on-site support, either 24/7, fi xed hours or block hours, based on customer s needs and requirements ITIL Certified Support team processes are ITIL certifi ed GEOGRAPHIC TURNOVER 72% 10% 8% 7% 3% South Africa Other African countries The Americas Australasia Europe 01

4 ABOUT THIS REPORT These unaudited condensed interim results for the six months ended 31 December 2015 have been prepared and presented in accordance with the framework concepts and the measurement and recognition requirements of International Financial Reporting Standards (IFRS), the SAICA Financial Reporting Standards Council, the Listings Requirements of the JSE Limited, the information as required by IAS 34: Interim Financial Reporting, and the requirements of the South African Companies Act, No 71 of The accounting policies applied in preparation of these condensed interim results are in terms of IFRS and are consistent with those applied in the previous annual financial statements. The comparative information has been restated for a measurement period adjustment. The report was prepared under the supervision of the Group Financial Director, Ms Tiffany Dunsdon CA(SA), and has not been audited by the group s external auditors. The unaudited condensed interim results were approved by the board of directors on 5 February ACCOUNTING POLICIES The accounting policies adopted and methods of computation used in the preparation of these unaudited condensed interim financial statements are in terms of IFRS and are consistent with those of the previous consolidated annual financial statements for the year ended 30 June

5 19% Turnover 50% Profi t from operations 42% HEPS FINANCIAL HIGHLIGHTS FINANCIAL REVIEW Turnover for the six months to December 2015 increased 19% to R310,4 million (2014: R261,3 million), organic growth was 13% and acquisitive growth was 6%. Profi t from operations increased 50% to R52,5 million (2014: R35,0 million), representing an improved operating profi t margin of 16,9% (2014: 14,5%). Interim Earnings per Share (EPS) improved by 43% to 23,99 cents per share (cps) from 16,81 cps and Interim Headline EPS (HEPS) improved by 42% to 23,96 cps from 16,82 cps. Ordinary dividend number 13, in respect of the year ended 30 June 2015, of 10,90 cents per share, on a four times dividend cover ratio, was paid to shareholders on 14 September It is our policy to declare a dividend after fi nancial year end and not at the interim reporting date. RESTATEMENT OF FINANCIAL INFORMATION In accounting for the business combination of AspiviaUnison Proprietary Limited for the six months ended 31 December 2014 (31 December 2014 Results), no fair value was placed on intangible assets other than goodwill, as the valuation of these intangible assets in terms of IFRS 3 had not been determined. The valuation of these intangible assets, namely customer relationships and internally generated software, has now been fi nalised. The 31 December 2014 Results have been restated retrospectively in this regard, to increase the value of intangible assets acquired to R82,6 million and to increase the related deferred tax liability to R23,1 million, resulting in a decrease in goodwill of R59,5 million. Refer to the business combination note 7.2 on page 15 for the details. 03

6 ACQUISITION Adapt IT Proprietary Limited acquired 100% of CQS Investment Holdings Proprietary Limited (CQS) during the period. This acquisition was subject to the approval of the Competition Commission, which was granted in December The CQS group was consolidated with effect from 31 December 2015 and there was thus no contribution to profits from CQS in these interim results. The transaction was funded through debt of R160 million and the issue of 7 million Adapt IT shares. Refer to the business combination note 7.1 on page 13. POST BALANCE SHEET EVENTS Effective 5 January 2016, the Group acquired intellectual property and business operations of a services company which provides student management solutions to the education sector in New Zealand. The total consideration payable is R3,4 million and the net assets of the business were R0,8 million. The transaction is not categorised in terms of the JSE Listings Requirements. In terms of International Financial Reporting Standards this is a non-adjusting event after the reporting period, that requires disclosure. At the date of this report, the financial effect of the transaction is unknown. No other matters have occurred between the reporting date and the date of approval of the interim financial statements which would have a material effect on these financial statements. STRATEGY Adapt IT pursues diversification through targeting growth sectors and regions with organic and acquisitive initiatives whilst continuing to realise synergies between our specialised software businesses by creating sustainable annuity revenue sources and yielding higher margins. 04

7 OUTLOOK Whilst the current market conditions remain challenging, we continue the partnership with our customers to contain costs as well take up any opportunities presented by the current environment to grow our business. The outlook remains positive as we continue to build on the strong, well diversified foundation already established to create a sizeable leading ICT business that delivers above sector average growth and returns. BOARD There have been no changes to the directorate in the period under review. APPRECIATION We thank our customers, partners and service providers for their continued support and members of the board and Adapt IT Group employees for their dedication which underpins our success. On behalf of the board Craig Chambers Independent non-executive Chairman 8 February 2016 Sbu Shabalala Chief Executive Officer 05

8 CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME Unaudited Unaudited Audited 6 months 6 months Year ended ended ended Period- 31 Dec 31 Dec 30 June on-period * 2015* variance Notes R 000 R 000 R 000 % Revenue Turnover Cost of sales ( ) ( ) ( ) Gross profit Administrative, selling and other costs ( ) (82 298) ( ) 39 Sundry revenue 194 (100) Profit from operations Finance income Finance costs 2 (7 864) (5 597) (11 247) 41 Share of profits of equity accounted investment after tax Profit before taxation Income tax expense (17 567) (10 175) (25 467) 73 Profit for the period Other comprehensive income Items that will not be reclassified to profit and loss Revaluation of land and building Income tax effect 535 Items that may be reclassified subsequently to profit and loss (57) 530 Exchange differences arising from translation of foreign operations (57) 530 Total comprehensive income Headline earnings: Profit attributable to ordinary shareholders (Profit)/loss on sale of property and equipment (35) 7 (39) Headline earnings Number of ordinary shares in issue (000) Weighted average number of ordinary shares in issue (000) Diluted average number of ordinary shares in issue (000) Basic earnings per share (cents) 23,99 16,81 42,34 43 Headline earnings per share (cents) 23,96 16,82 42,31 42 Diluted basic earnings per share (cents) 23,99 16,81 41,33 43 Diluted headline earnings per share (cents) 23,96 16,82 41,30 42 Dividend per share (cents) 10,90 8,23 8,23 32 * Restated for measurement period adjustment, refer to note

9 CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION Unaudited Unaudited Audited 6 months 6 months Year ended ended ended 31 Dec 31 Dec 30 June * 2015* Notes R 000 R 000 R 000 ASSETS Non-current assets Property and equipment Intangible assets Goodwill Equity accounted investment Deferred taxation asset Current assets Trade and other receivables Current tax receivable Cash and cash equivalents Total assets EQUITY AND LIABILITIES Equity Share capital Share premium Other capital reserves Equity compensation reserve Foreign currency translation reserve Revaluation reserve Retained earnings Non-current liabilities Interest-bearing borrowings Financial liabilities Deferred taxation liability Current liabilities Trade and other payables Provisions Deferred income Current tax payable Current portion of interest-bearing borrowings Financial liabilities Total equity and liabilities Net asset value per share (cents) 287,83 220,97 248,52 Tangible net asset value per share (cents) (82,16) 32,26 47,71 Liquidity ratio (times) 0,96 0,94 1,08 Solvency ratio (times) 1,67 1,85 2,33 Market price per share: Close (cents) High (cents) Low (cents) Capital expenditure for the period (R 000) Capital commitments (R 000) * Restated for measurement period adjustment, refer to note

10 CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS Unaudited Unaudited Audited 6 months 6 months Year ended ended ended 31 Dec 31 Dec 30 June Notes R 000 R 000 R 000 OPERATING ACTIVITIES Cash generated from operations Finance income Finance costs 2 (4 512) (2 463) (4 426) Dividends paid (14 481) (9 528) (9 528) Taxation paid (17 471) (11 492) (44 191) Net cash flow (utilised in)/generated from operating activities (5 644) (10 505) INVESTING ACTIVITIES Property and equipment acquired (3 851) (3 155) (4 323) Intangible assets acquired and developed (1 003) (1 684) (6 084) Proceeds on disposal of property and equipment Net cash outflow on acquisition of subsidiaries 7.1 ( ) (33 606) (63 877) Net cash flows utilised in investment activities ( ) (38 445) (74 216) FINANCING ACTIVITIES Proceeds from borrowings Repayment of borrowings (24 343) (50 551) ( ) Repayment of vendor loans (439) Issue of shares for cash Net cash inflow from financing activities Net increase in cash resources Exchange differences on translation (57) 756 Cash and cash equivalents at beginning of period Cash and cash equivalents at end of period

11 CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY Equity compensation Foreign currency translation Share capital Share premium Other capital reserves reserve Asset revaluation reserve reserve Retained earnings Total equity Unaudited R 000 R 000 R 000 R 000 R 000 R 000 R 000 R 000 Balance at 30 June Total comprehensive income for the period (57) Profit for the period Other comprehensive income for the period (57) (57) Shares issued during the period (15 056) Dividend paid (9 528) (9 528) Balance at 31 December 2014* Balance at 30 June 2015* Total comprehensive income for the period Profit for the period Other comprehensive income for the period Share-based payments Issue of shares for business combination (12 861) Dividend paid (14 481) (14 481) Balance at 31 December * Restated for measurement period adjustment, refer to note

12 NOTES TO THE UNAUDITED FINANCIAL STATEMENTS Unaudited Unaudited Audited 31 Dec 31 Dec 30 June R 000 R 000 R FINANCE INCOME Imputed interest Bank interest CQS Investment Holdings Proprietary Limited Other interest 89 Total finance income FINANCE COSTS Borrowings Financial liabilities (imputed) Total finance cost DIVIDENDS Ordinary dividend number 13 of 10,90 cents per share was paid to shareholders on 14 September It is Group policy to consider declaration of dividends at the end of the financial year and not at the interim reporting date. 10

13 Unaudited Unaudited Audited 31 Dec 31 Dec 30 June * 2015* R 000 R 000 R GOODWILL Carrying amount at beginning of period Acquisition of AspiviaUnison Companies Acquisition of CQS Investments Carrying amount at end of period Comprising: Cost Goodwill is allocated as follows: Adapt IT Proprietary Limited ApplyIT Proprietary Limited Swicon360 Proprietary Limited Aquilon Companies AspiviaUnison Companies CQS Investment Holdings Proprietary Limited (CQS Investments) Total * Restated for measurement period adjustment, refer to note 7.2. On 1 July 2015, ApplyIT Proprietary Limited, Swicon360 Proprietary Limited, Swicon360 HCM Spectrum Proprietary Limited, ITS Evula Proprietary Limited, Aquilon Proprietary Limited, Aquilon Evolution Holdings Proprietary Limited, Aquilon Evolution Consulting Proprietary Limited, AspiviaUnison Proprietary Limited, Unison Communications Holdings Proprietary Limited, Unison Communications Proprietary Limited and Aspivia Proprietary Limited were amalgamated into Adapt IT Proprietary Limited in accordance with the provisions of sections 113, 115 and 116 of the Companies Act, 2008, as amended. Accordingly, the goodwill of ApplyIT Proprietary Limited, Swicon360 Proprietary Limited, Aquilon Companies and AspiviaUnison Companies were transferred to Adapt IT Proprietary Limited. The recoverable amount of goodwill has been determined based on a value-in-use calculation using cash flow projections from financial forecasts approved by senior management covering a five-year period. Cash flow projections take into account past experience and external sources of information. The valuation method used is consistent with the prior year. There have been no accumulated impairment losses recognised to date. The key assumptions used in the testing of goodwill are: Discount rate of 12% (2014: 11%) (weighted average cost of capital); and Projected cash flows for the five years based on a 5% (2014: 5%) growth rate. 11

14 NOTES TO THE UNAUDITED FINANCIAL STATEMENTS CONTINUED Unaudited Unaudited Audited 31 Dec 31 Dec 30 June R 000 R 000 R INTEREST-BEARING BORROWINGS Non-current borrowings Investec Private Bank Limited Sanlam Capital Markets Limited Current borrowings Investec Private Bank Limited Sanlam Capital Markets Limited Chrysalis Capital Fund Proprietary Limited Uyandiswa Project Management Services Proprietary Limited Total The Investec Private Bank Limited loan was obtained in July The loan is a 60-month credit facility. R159,9 million was used to finance the CQS Investment Holdings Proprietary Limited acquisition. The interest is based on three-month JIBAR. The interest rate during the period ranged between 9,50% and 9,71%. The loan is secured by 100% of the shares held in Adapt IT Proprietary Limited and cession of book debts held by Adapt IT Holdings Limited and its subsidiaries. Excess cash resources are used from time to time to reduce the facilities. CQS Investment Holdings Proprietary Limited has a loan with Sanlam Capital Markets Limited. The interest is charged at a fixed rate of 9,22% over a five-year loan period. The loan is repayable in variable bi-annual instalments ending 28 February The loan is secured by a pledge of issued share capital, a cession of trade receivables and a notarial bond over all moveable assets of CQS Investment Holdings Proprietary Limited. Unaudited Unaudited Audited 31 Dec 31 Dec 30 June R 000 R 000 R DEFERRED INCOME Education segment Manufacturing segment Energy segment Financial segment Total The Education segment relates to annual maintenance fees invoiced in advance for the year and usually collected end of January and February, the start of the education year. Manufacturing sector includes long-term software projects in progress, ongoing upgrades and other software-related projects for clients. 12

15 7. BUSINESS COMBINATIONS 7.1 Acquisition of subsidiary On 31 December 2015, the Group acquired the entire issued share capital of CQS Investment Holdings Proprietary Limited (CQS Investments). CQS Investments is South African registered. With over 20 years in business and approximately clients, CQS Investments is a value added distributor of a combination of its own and third party (being CaseWare, ACL and Confirmations.com) Intellectual Property software solutions for audit, data analytics, controls monitoring, risk management and financial reporting to financial professionals, corporates and the public sector. CQS Investments, which has the reputation of being a leader in this niche market, also services clients in Nigeria, Kenya, Zambia, Tanzania, Botswana and Zimbabwe through a direct and a distributor network. The total purchase consideration of R216,8 million consists of R159,9 million in cash, funded from borrowings, paid on 14 December 2015 and R56,9 million in shares issued on 18 December The fair value of the net liabilities acquired amounted to R80,9 million, resulting in goodwill of R250,9 million at acquisition. The purchase consideration paid for the combination effectively included amounts in relation to the benefit of the expected synergies, revenue growth, new market penetration and future market development. The acquisition, which is in line with Adapt IT s strategy of targeted acquisitive growth,will augment the Group s Financial Services and public sector markets representation by providing diversification into the auditing and accounting professions and will enhance its technology diversification. The fair values of the identifiable net assets and liabilities of CQS Investments as at the date of acquisition were: 13

16 NOTES TO THE UNAUDITED FINANCIAL STATEMENTS CONTINUED Fair value recognised on acquisition R BUSINESS COMBINATIONS continued 7.1 Acquisition of subsidiary continued Assets Property and equipment Intangible assets 46 Deferred taxation Trade and other receivable Cash and cash equivalents Total assets Liabilities Shareholders loan Long-term portion of interest-bearing borrowings Current portion of interest-bearing borrowings Trade and other payables Current tax payable Total liabilities Total identifiable net liabilities (80 900) Goodwill arising on acquisition Fair value of consideration payable Fair value of consideration paid: Cash paid Shares issued in December Shareholders loan acquired (46 774) Fair value of consideration paid Cash outflow on acquisition: Net cash acquired with the subsidiary Cash paid ( ) Net cash outflow on acquisition ( ) Fair value of the assets acquired approximates their carrying value at the acquisition date. The initial accounting for this acquisition has been reported on a provisional basis and will only be finalised in the year ending 30 June Acquisition related costs of R2,2 million have been expensed and are included in administrative, selling and other costs on the statement of profit or loss and other comprehensive income. 14

17 7. BUSINESS COMBINATIONS CONTINUED 7.2 Measurement period adjustment In the business combination of AspiviaUnison Proprietary Limited, no fair value was placed on intangible assets as the valuation of these assets had not been completed. The valuation of these assets, namely Customer Relationship and Internally Generated Software, has subsequently been finalised. The 31 December 2014 and 30 June 2015 comparative information have been restated retrospectively in this regard, to increase the value of intangible assets acquired to R82,6 million, and to increase the related deferred tax liability to R23,1 million, both offset by a decrease in goodwill of R59,5 million. The effect on the business combination is as follows: Measurement As originally reported period adjustment Restated amount R 000 R 000 R 000 Assets Property and equipment Intangible assets Deferred taxation 381 (381) Trade and other receivable Cash and cash equivalents Total assets Liabilities Current portion of non-interest-bearing borrowings (previous shareholders) Current portion of interest-bearing borrowings Trade and other payables Provisions Current tax payable Deferred tax liability Total liabilities Total identifiable net assets (20 162) Goodwill arising on acquisition (59 527) Fair value of consideration payable: Cash paid Shares issued in December Fair value at acquisition of cash paid on 3 March Fair value of contingent purchase consideration owing in respect of acquisition and settled through issue of shares and cash when relevant warranties have been fulfilled (non-current financial liabilities) Fair value of consideration payable

18 NOTES TO THE UNAUDITED FINANCIAL STATEMENTS CONTINUED 7. BUSINESS COMBINATIONS CONTINUED 7.2 Measurement period adjustment continued The effect on 31 December 2014 Group results is as follows: Condensed consolidated statement of profit or loss and other comprehensive income As disclosed Adjustment Restated R 000 R 000 R 000 Revenue Turnover Cost of sales ( ) ( ) Gross profit Administrative, selling and other costs (79 371) (2 927) (82 298) Sundry revenue Profit from operations (2 927) Finance income Finance costs (5 597) (5 597) Profit before taxation (2 927) Income tax expense (10 995) 820 (10 175) Profit for the period (2 107) Other comprehensive income (57) (57) Exchange differences arising from translation of foreign operations (57) (57) Income tax effect Total comprehensive income (2 107) Headline earnings: Profit attributable to ordinary shareholders (2 107) Loss on sale of property and equipment 7 7 Headline earnings (2 107) Number of ordinary shares in issue (000) Weighted average number of ordinary shares in issue (000) Diluted average number of ordinary shares in issue (000) Basic earnings per share (cents) 18,57 (1,76) 16,81 Headline earnings per share (cents) 18,58 (1,76) 16,82 Diluted basic earnings per share (cents) 18,57 (1,76) 16,81 Diluted headline earnings per share (cents) 18,58 (1,76) 16,82 16

19 7. BUSINESS COMBINATIONS CONTINUED 7.2 Measurement period adjustment continued Condensed consolidated statement of financial position As disclosed Adjustment Restated R 000 R 000 R 000 ASSETS Non-current assets Property and equipment Intangible assets Goodwill (59 527) Deferred taxation asset Current assets Trade and other receivables Inventory Current tax receivable Cash and cash equivalents Total assets EQUITY AND LIABILITIES Equity (2 107) Share capital Share premium Other capital reserves Foreign currency translation reserve Revaluation reserve Retained earnings (2 107) Non-current liabilities Interest-bearing borrowings Financial liabilities Deferred taxation liability Current liabilities Trade and other payables Provisions Deferred income Current tax payable Current portion of interest-bearing borrowings Financial liabilities Total equity and liabilities

20 NOTES TO THE UNAUDITED FINANCIAL STATEMENTS CONTINUED 7. BUSINESS COMBINATIONS CONTINUED 7.2 Measurement period adjustment continued The effect on 30 June 2015 Group results is as follows: Condensed consolidated statement of profit or loss and other comprehensive income As disclosed Adjustment Restated R 000 R 000 R 000 Revenue Turnover Cost of sales ( ) ( ) Gross profit Administrative, selling and other costs ( ) (7 317) ( ) Sundry revenue Profit from operations (7 317) Finance income Finance costs (11 247) (11 247) Share of profits of equity accounted investment after tax Profit before taxation (7 317) Income tax expense (27 516) (25 467) Profit for the period (5 268) Other comprehensive income Items that will not be reclassified to profit and loss Revaluation of land and building Income tax effect Items that may be reclassified subsequently to profit and loss Exchange differences arising from translation of foreign operations Total comprehensive income (5 268) Headline earnings: Profit attributable to ordinary shareholders (5 268) (Profit)/loss on sale of property and equipment (39) (39) Headline earnings (5 268) Number of ordinary shares in issue (000) Weighted average number of ordinary shares in issue (000) Diluted average number of ordinary shares in issue (000) Basic earnings per share (cents) 46,57 (4,23) 42,34 Headline earnings per share (cents) 46,54 (4,23) 42,31 Diluted basic earnings per share (cents) 45,46 (4,13) 41,33 Diluted headline earnings per share (cents) 45,43 (4,13) 41,30 18

21 7. BUSINESS COMBINATIONS CONTINUED 7.2 Measurement period adjustment continued Condensed consolidated statement of financial position As disclosed Adjustment Restated R 000 R 000 R 000 ASSETS Non-current assets Property and equipment Intangible assets Goodwill (59 527) Equity accounted investment Deferred taxation asset Current assets Trade and other receivables Current tax receivable Cash and cash equivalents Total assets EQUITY AND LIABILITIES Equity (5 268) Share capital Share premium Other capital reserves Equity compensation reserve Foreign currency translation reserve Revaluation reserve Retained earnings (5 268) Non-current liabilities Interest-bearing borrowings Financial liabilities Deferred taxation liability Current liabilities Trade and other payables Provisions Deferred income Current tax payable Current portion of interest-bearing borrowings Total equity and liabilities

22 NOTES TO THE UNAUDITED FINANCIAL STATEMENTS CONTINUED 8. SEGMENT ANALYSIS Management monitors the operating results of its business units separately for the purpose of making decisions about resource allocation and performance assessment. Monthly management meetings are held to evaluate segment performance against budget and forecast. The following tables present revenue and profit information regarding the Group s operating segments for the six months ended 31 December 2015 and 31 December 2014, respectively: Six months ended 31 December 2015 Turnover Segment profit from operations (3 462) Operating profit margin (%) Six months ended 31 December 2014* Turnover Segment profit from operations (6 798) Operating profit margin (%) The following table presents segment assets and liabilities of the Group s operating segments as at 31 December 2015 and 31 December 2014, respectively: Manufacturing Financial Education Services Energy Other Total R 000 R 000 R 000 R 000 R 000 R 000 Manufacturing Financial Education Services Energy Other Total R 000 R 000 R 000 R 000 R 000 R 000 Six months ended 31 December 2015 Total assets Total liabilities Six months ended 31 December 2014* Total assets Total liabilities * Restated for measurement period adjustment, refer to note

23 CORPORATE INFORMATION ADAPT IT HOLDINGS LIMITED Incorporated in the Republic of South Africa Registration number 1998/017276/06 Share code: ADI ISIN: ZAE (Adapt IT, or the Company or the Group) COMPANY SECRETARY Statucor (Pty) Ltd 22 Wellington Road Parktown 2193 REGISTERED OFFICE 5 Rydall Vale Office Park Rydall Vale Crescent La Lucia Ridge 4019 KwaZulu-Natal South Africa DIRECTORS Craig Chambers* (Chairman) Sbu Shabalala (Chief Executive Officer) Tiffany Dunsdon (Financial Director) Bongiwe Ntuli* Catherine Koffman* Oliver Fortuin* * Independent non-executive director TRANSFER SECRETARY Computershare Investor Services (Pty) Ltd PO Box 61051, Marshalltown, 2107 T +27 (0) F +27 (0) AUDITORS Deloitte & Touche SPONSOR Merchantec Capital 2nd Floor, North Wing Hyde Park Corner Office Suites Corner 6th Road and Jan Smuts Avenue Hyde Park Johannesburg 2196 CORPORATE BANKERS The Standard Bank of South Africa Limited ABSA Bank LEGAL REPRESENTATIVES Shepstone & Wylie Read Hope Phillips Thomas Cadman Incorporated Garlicke & Bousfield ADAPT IT WEBSITE REGIONAL OFFICES DURBAN 5 Rydall Vale Office Park Rydall Vale Crescent La Lucia Ridge 4019 KwaZulu-Natal JOHANNESBURG (Bryanston Office) The Braes Adapt IT House I93 Bryanston Drive Bryanston Johannesburg (Illovo Office) The Oval West Block Ground Floor Wanderers Office Park 52 Corlett Drive, Illovo Johannesburg PRETORIA 50 Bushbuck Lane Monument Park 0181 Pretoria CAPE TOWN Great Westerford 3rd Floor 240 Main Road Rondebosch Cape Town T +27 (0) F +27 (0) T +27 (0) F +27 (0) T +27 (0) F +27 (0) T +27 (0) F +27 (0) T +27 (0)

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